Answer: A <u>CIRCULAR STRUCTURE</u> structure is an organizational structure in which executives are at the center, spreading their vision outward in rings grouped by function (managers, then specialists, then workers).
Explanation: Circular structures have a circular organization chart that is a type of business organization chart that is identified by its spherical shape. It is an organizational chart that represents customer services and does not determine the chain of command like other organizational charts. It contains a central circle, where the figure that has the highest authority in the company is located and has the necessary number of concentric circles around it, according to the people who represent the organization.
Answer:
The correct word for the blank space is: expense recognition principle.
Explanation:
The expense recognition principle establishes when expenses and revenues must be recorded in the accounting books of a company. Under the accrual basis of accounting method, revenues are recognized when earned and expenses whenever consumed. While using the cash basis accounting method, revenues are recognized when earned and expenses when they are paid to suppliers not when invoices are sent.
In both cases, <em>expenses and revenues are recognized during the same period when they take place. That is the reason why the direct write-off method fails to fulfill the expense recognition principle because bad debt can be recognized as an uncollectible account not necessarily in the same period where the debt instrument was issued.</em>
Answer:
Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics
Explanation:
Answer:
23,000 units
Explanation:
Beginning WIP inventory + Units started into production = Ending WIP inventory + Units completed and transferred out
Units started into production = Ending WIP inventory + Units completed and transferred out - Beginning WIP inventory
= 6,000 + 25,000 - 8,000 = 23,000
Answer:
b. $2,000
Explanation:
Marvin liability immediately before the cancellation=$43,000
Marvin FMV of assets immediately before the cancellation=$38,000
Difference between two liability and assets=43,000-38,000
=$5,000
Form 1099-C canceled credit debit=$7,000
Amount of canceled debt that marvin will report=7,000-5,000
=$2,000
So the answer shall be b. $2,000
